Doug,
The method I used is the next best method to pick and place machines. I use a stereo microscope and a good SMT tweezers. I can usually do one of the following to "tack" down the part.
1) apply flux with a flux pen to one side or set of pads. Hold the part down tweezers and apply a little solder to the soldering iron and then touch one of the pads. If this works correctly, the solder will wick from the tip and flow onto the component and board simultaneously.
2) Pre-wet one pad. Another technique is to pre-solder one pcb pad. From there, hold the component in place and re-flow the one pad. This should solder or tack that pin down in place. From there, you can reheat that pad and with the tweezers rotate the component as needed for alignment on the board. I use this method for almost all discrete capacitors, resistors, inductors etc...
3) Use SMT solder paste. This technique if done correctly is fast and easy. It takes some eperience, but, it will net you some of the best results. Normally this stuff is stenciled on the PCB with a squegie (?sp) onto the pads using a metal stencil. It's impossible to do the same for hand soldering technique, so don't even try that. Instead, I use alternate technique for SMT ICs and multi-pinned parts. I carefully apply a thin line of SMT past over the pads perpendicular and down the row of pads. For a SO8, I would apply it over pads 1-4 and near the outter portion of the pads. The SMT paste line should be about 1/2 the width of the pads as a start point or guestimation. From there, place you SMT part down. The leads need to land on the SMT paste. Now, hit the leads, either one at a time or multiple pins at a time with the iron. This will liquify the SMT paste, flux the pins, and solder them all in one shot. Carefully, inspect for loose SMT paste balls, and re-heat as needed to suck up any remaining loose solder paste balls. I use this method for some of the fine pitched ICs.
BTW: Pick N Place machines use the SMT paste to hold the part down before reflow unless parts are going to be placed on both sides of the board, in which case the first pass, all the parts have an epoxy dot added so that when they flip the board over to place the 2nd side, the 1st side parts don't fall off. Otherwise, for a single component side it's only paste, then place.
I'm about 1/2 as fast as a good SMT hand assembler. What takes the shop 5 minutes to solder, will take me 10 minutes. That's my average over many boards.
Good luck with your soldering.
Wayne